Dispossing off case against Mr. Vijay Mohanlal Jain of M/s. Kolar Biotech Limited (Formerly Known As Kolar Information Technologies Limited)

1. The Securities and Exchange Board of India (hereinafter referred to as SEBI), vide Order dated December 15, 2010 inter alia restrained Kolar Biotech Limited, formerly known as Kolar Information Technologies Limited, (hereinafter referred to as the Company) and its director, Mr. Jain Mohanlal Vijay (his address as mentioned in the Order was B/12, Nandhhan Estate, Bankur Nagar, Goregaon (West), Mumbai- 400090) from accessing the securities market and prohibited them from buying, selling or otherwise dealing in securities, directly or indirectly, till all the pending investor grievances against the Company are resolved and the same is reported to and confirmed by SEBI. The said Order was passed against the Company as it failed to redress the pending investor grievances of the investors. Directions were also issued against the directors of the Company as they were in-charge and responsible for the affairs of the Company. Subsequent to the Order, Mr. Vijay Mohanlal Jain, vide letter dated January 4, 2011 inter alia while stating that his address was incorrectly mentioned in the records of SEBI, informed that he could not receive any communication from SEBI in the matter.

He informed SEBI that his correct address is A/12, Nand Dham, Bangur Nagar, Goregaon (West), Mumbai- 400090 and not B/12, Nandhhan Estate, Bankur Nagar, Goregaon (West), Mumbai- 400090, as mentioned in the Order. He also stated that he could not read the notices placed in the website of SEBI as well as in the newspapers as he was not aware of any such matter because of his resignation from the directorship of the Company on June 27, 2003. A certified true copy of Form-32 filed with the Registrar of Companies, Maharashtra was enclosed by Mr. Vijay Mohanlal Jain along with the aforesaid letter. In view of the same, he requested SEBI to revoke the directions issued against him in the matter. I have considered the submissions of Mr. Vijay Mohanlal Jain and perused the certified copy of Form-32 filed by him. The said form indicates that he had resigned from the directorship of the Company on June 27, 2003. As Mr. Vijay Mohanlal Jain had ceased to be a director of the Company before the letter of SEBI dated September 25, 2008 was issued advising the Company to redress the pending investor complaints, no responsibility can be fixed on him for the failure of the Company in redressing the investor complaints, as alleged in the show cause notice.

In view of the said reasons, in the interest of justice, I find it appropriate to revoke the directions issued against Mr. Vijay Mohanlal Jain, vide SEBI Order dated December 15, 2010 in the matter of Kolar Biotech Limited (formerly known as Kolar Information Technologies Limited).

2. In view of the foregoing, I, in exercise of powers conferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 and Sections 11(4) and 11B thereof, hereby revoke the directions issued by the Securities and Exchange Board of India, vide Order dated December 15, 2010 in so far as Mr. Vijay Mohanlal Jain [having his address at A/12, Nand Dham, Bangur Nagar, Goregaon (West), Mumbai- 400090] is concerned, with immediate effect.

3. Accordingly, the show cause notice dated November 11, 2009 issued to Mr. Vijay Mohanlal Jain in the aforesaid matter is disposed of.

DR. K. M. ABRAHAM WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA

PLACE: MUMBAI DATE: JANUARY 19, 2011